Saudi Aramco cuts May-loading spot naphtha exports

23 April 2013 10:57[Source: ICIS news]

SINGAPORE (ICIS)--Saudi Aramco is cutting its spot naphtha exports for May loading to around 300,000 tonnes, down from the average April-loading spot exports of 350,000 tonnes, traders said on Tuesday.

The reasons for the reduction in spot shipments are not immediately available.

Meanwhile, the May-loading naphtha sales were done at average premiums of $36.00-38.00/tonne (€27.70-29.30/tonne) to Middle East quotes FOB (free on board), compared with premiums of mid-$40s/tonne for the April-loading cargoes, they added.

In recent weeks, Asia’s naphtha premiums rolled back because of ample deep-sea supply from the western markets and cautious spot buying amid a slowing Chinese economy that is weighing on plastics demand, traders said.